Wave AI
AI-powered free accounting and invoicing platform for small businesses.
Independent assessment across data handling, compliance, security and transparency.
Risk factors
3- Cloud-based service with third-party data access.
- User financial data may be used for model training.
- Standard enterprise controls but still ships data to Wave.
Recommendations
3- Implement encryption for financial data at rest and in transit
- Review regulatory compliance for your jurisdiction
- Establish vendor risk assessment procedures
Data handling
- Storage
- Encrypted cloud servers
- Retention
- Duration of account plus regulatory minimums
- Training on inputs
- Aggregated anonymized data may be used for improvements
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